大行评级|瑞银:维持中国移动“买入”评级 首季净利润增长符合指引

Major Bank Ratings | UBS: Maintaining China Mobile's “Buy” Rating Net Profit Growth in the First Quarter Is in Line with Guidelines

Gelonghui Finance ·  Apr 22 23:30

According to a report published by UBS, China Mobile's communications service revenue last quarter was 219.3 billion yuan, up 4.5% year-on-year, in line with the increase in industry service revenue announced by the Ministry of Industry and Information Technology, and 1% higher than market expectations. EBITDA was $78 billion, down 2.3% year-on-year, below market expectations due to increased sales expenses and credit impairment losses. Net profit increased 5.5% year-on-year, benefiting from China Mobile extending the depreciation period for 5G assets from 7 to 10 years starting this year, thereby reducing depreciation. UBS expects investors to take a neutral view of the current results. According to the bank, China Mobile's net profit growth in the first quarter was basically in line with management's good growth guidelines for the whole year. The bank understood this as an increase of more than 5%. The bank maintains its “buy” rating with a target price of HK$85.

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